TrueCar Inc. (NASDAQ:TRUE) saw a large increase in short interest in September. As of September 15th, there was short interest totalling 11,596,807 shares, an increase of 22.8% from the August 31st total of 9,443,452 shares. Based on an average trading volume of 855,210 shares, the days-to-cover ratio is currently 13.6 days.
In related news, major shareholder Services Automobile Ass United sold 200,000 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $9.54, for a total transaction of $1,908,000.00. Following the sale, the insider now owns 10,072,346 shares of the company’s stock, valued at approximately $96,090,180.84. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John Krafcik sold 16,541 shares of the firm’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $10.68, for a total value of $176,657.88. Following the sale, the director now directly owns 74,869 shares in the company, valued at approximately $799,600.92. The disclosure for this sale can be found here. Corporate insiders own 17.30% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in TRUE. Schwab Charles Investment Management Inc. boosted its position in TrueCar by 12.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 184,722 shares of the company’s stock valued at $1,451,000 after buying an additional 20,732 shares during the last quarter. Landscape Capital Management L.L.C. purchased a new position in TrueCar during the second quarter valued at $411,000. Caledonia Private Investments Pty Ltd purchased a new position in TrueCar during the second quarter valued at $14,193,000. Rhumbline Advisers boosted its position in TrueCar by 7.5% in the second quarter. Rhumbline Advisers now owns 50,681 shares of the company’s stock valued at $398,000 after buying an additional 3,555 shares during the last quarter. Finally, Teachers Advisors Inc. boosted its position in TrueCar by 1.0% in the second quarter. Teachers Advisors Inc. now owns 90,321 shares of the company’s stock valued at $709,000 after buying an additional 927 shares during the last quarter. 58.68% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts recently weighed in on TRUE shares. JMP Securities reissued a “hold” rating on shares of TrueCar in a report on Monday, June 6th. B. Riley reissued a “sell” rating and set a $3.50 price objective on shares of TrueCar in a report on Monday, July 18th. Zacks Investment Research raised TrueCar from a “hold” rating to a “buy” rating and set a $10.00 price objective on the stock in a report on Wednesday, August 3rd. JPMorgan Chase & Co. reissued a “hold” rating and set a $6.00 price objective on shares of TrueCar in a report on Friday, August 5th. Finally, RBC Capital Markets reissued a “sector perform” rating and set a $10.00 price objective (up previously from $6.00) on shares of TrueCar in a report on Monday, August 8th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $8.28.
TrueCar (NASDAQ:TRUE) opened at 9.44 on Friday. TrueCar has a 52-week low of $4.42 and a 52-week high of $11.13. The company’s market capitalization is $798.68 million. The stock has a 50 day moving average price of $9.53 and a 200 day moving average price of $7.80.
TrueCar (NASDAQ:TRUE) last released its quarterly earnings results on Thursday, August 4th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.05. The firm had revenue of $66.42 million for the quarter, compared to analysts’ expectations of $65.52 million. TrueCar had a negative net margin of 24.55% and a negative return on equity of 22.85%. The business’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. Equities research analysts forecast that TrueCar will post ($0.24) earnings per share for the current year.
TrueCar Company Profile
TrueCar, Inc offers a diverse software ecosystem for buying cars. The Company’s software ecosystem is based on a common technology infrastructure, and powered by data and analytics. The Company operates its platform on the TrueCar Website and its branded mobile experience. It customizes and operates its platform on a co-branded basis for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for enterprises.
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